The appraisal industry’s lack of diversity — in terms of age, gender and ethnicity — and the growing number of appraisers exiting the profession as they reach retirement age have been well-documented issues. But now that the industry is keenly aware of these problems, what can be done to turn awareness into action to effect positive change for the next generation of appraisers? Before we dissect this question, let’s revisit the numbers.
The current state
Data from the Appraisal Institute reveals there are around 78,000 active real estate appraisers in the U.S. On the surface, this may seem like a robust number, but when you take into consideration that this number has been dwindling at a rate of 2.6% for the last five years, the reality of the issue sets in deeper.
In terms of age and ethnic diversity, there is also room for improvement. Since 50% of active appraisers are between the ages of 51-65, most are nearing retirement. Most appraisers are also white males (77% male, 85% white).